Creston coop bought by soy processor

A soybean processing plant in Creston that was owned by the bankrupt Crestland Cooperative was auctioned yesterday (Tuesday) to a firm that operates grain elevators in Kansas, Nebraska and Texas. Paul DeBruce is C-E-O of Kansas-City-based DeBruce Grain Company.DeBruce says he understood the bondholders of the plant intended to sell off its equipment and assets, and he wanted to keep it together and operating in the interest of the community . The C-F soybean processing plant in Creston can process up to 800 tons a day and specialized in beans that are certified to NOT be genetically-modified. DeBruce says for now plans include having the plant idle but keeping the 23 or so people on the payroll, having them do things like maintenance. DeBruce says he’s also looking for partners to help operate the soybean processing plant. Those partners would supply non-GMO soybeans, to be processed at the plant as they already have been doing, though he says it’ll take a year or two to get the plant “back on its feet and focused on those markets.” DeBruce won’t say what his company’s paying for the Creston plant, but it was built in 1998 for 22-Million dollars. DeBruce bought other properties once owned by Crestland, after its bankruptcy filing in September 2001. DeBruce Grain owns elevators in Texas, Nebraska and Kansas.